/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES FOR DISSEMINATION IN THE UNITED STATES/
US Symbol: ECNRF
VANCOUVER, Feb. 21, 2012 /CNW/ - El Condor Minerals Inc. ("El Condor" or the "Company") is pleased to report the initiation of camp construction and the expansion of its 2012 winter drill program at its Horden Lake Cu-Ni property in Quebec. The Company has now contracted a second drill to work the property and will look to expand the areal coverage and meterage for the program, which the Company is expecting to initiate within days.
The Horden Lake exploration camp is currently being constructed by Expedition Camp Service and Logistics of Cochrane, Ontario. Upon completion, Expedition will assume a camp management role, ensuring communications, supplies and crew accommodations.
Leigh Freeman, El Condor CEO commented: "We're pleased with the rapid development of the camp at Horden Lake, and anxiously await the start of our drilling program aimed at expanding the mineral resources and providing ore-grade samples for a preliminary metallurgical program. Adding a second drill and crew is a cost-effective way to achieve our development goals."
The Company is also pleased to report completion of the acquisition of the remaining 5% of the shares of Nemiscau Mines Ltd. / Mines Nemiscau Ltee., giving the Company 100% ownership of its Quebec subsidiary holding the Horden Lake Copper Deposit mineral claims. Details of the Nemiscau transaction were originally reported in the Company's news release dated December 19, 2011.
Additionally, the Company is pleased to announce that it has engaged Paradox Public Relations Inc. as its strategic investor relations consultants to focus on the development and expansion of El Condor's communications with the investment community through a comprehensive investor relations program. Paradox is a Montreal-based investor relations agency which provides a wide range of services to companies to help broaden investor exposure and develop a shareholder following. Paradox has provided investor relations services to microcap and small-cap listed public companies over the past 10 years.
Paradox has been engaged pursuant to a 24-month agreement and will be paid a consulting fee of $6,500 per month. In addition, Paradox has been granted 800,000 options to purchase common shares of the Company at a price of $0.20 per common share for a period of two years, provided that such options will expire upon the termination of the agreement in accordance with TSX Venture Exchange policy. The options will vest and become exercisable over a period of 12 months, at a rate of 25% quarterly.
The Company also announces that it has arranged a non-brokered private placement of units ("Units") in the capital of the Company at a price of $0.15 per Unit for gross proceeds of up to $300,000. Each Unit will consist of one common share of the Company and one half of one warrant to purchase an additional common share at a price of $0.25 per share for a period of one year from closing. Closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, and all securities issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the date of issuance. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange. The proceeds from the private placement will be used for general working capital and corporate purposes.
About El Condor Minerals Inc.
El Condor Minerals Inc. is a minerals exploration company focused on the discovery and development of large precious- and base-metal mineral systems in stable political jurisdictions. Currently the Company is developing the Horden Lake Copper Project, an advanced exploration stage copper-nickel deposit in Quebec. Additional information on El Condor, its properties and exploration and development activities is available at the Company's website: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leigh W. Freeman"
President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
For information, please contact the Company at (604) 689-8336 (ext 103) or [email protected]